• Davido and Iggy Azalea are the most recent superstars to introduce tokens into the meme coin market.
• This week has seen enormous price increases for celebrity meme coins, accompanied by many controversy-related events.
• Memes are frequently used by scammers to carry out cryptocurrency scams like rug pulls and pump-and-dump schemes.

Iggy Azalea and Davido launch tokens

The newest thing in the meme coin frenzy is celebrity meme coins. They reached their zenith of fame after some celebrities controversially launched tokens.

After introducing MOTHER and DAVIDO tokens on the Solana network, musicians Iggy Azalea and Davido are the newest to board the train. Owing to the widespread appeal of celebrities, many token launches have generated millions of dollars in revenue following their debut. They run the risk of being manipulated, nevertheless, by investors or insiders who own substantial stakes in them.

Furthermore, some well-known people have voiced their displeasure to investors over hackers breaking into their social media accounts and using them to promote fictitious token launches.

While their tokens have seen tremendous growth, other celebrities appear to be having a good time. For instance, within hours of its activation on the Solana network, Olympic gold medallist Caitlyn Jenner’s JENNER token amassed nearly a quarter of a billion dollars. Davido and Iggy Azalea have also been remarkably active on X, answering queries and promoting their coins.

It’s crucial to remember that meme coins are extremely erratic and that dishonest people frequently use them as leverage for scams like rug pulls and pump and dumps.